The Spanish Share Clause Samples

The Spanish Share. Pledges Agreement and the New Spanish Share Pledges Agreement exclusively secure compliance with the relevant secured obligations stated therein, and no other obligations will be deemed to be secured by the Spanish Share Pledges Agreement and the New Spanish Share Pledges Agreement. Consequently, the Spanish Share Pledges Agreement and the New Spanish Share Pledges Agreement will only be enforceable for failure to comply with such obligations up to the defaulted amount under such obligations and the proceeds of the relevant security will be applied to reduce this defaulted amount consistently. Notwithstanding this, the Security Agent may then distribute the proceeds in accordance with the terms of the Intercreditor Agreement amongst the parties thereto.